Surprised this comment is getting downvoted, because it is dead-right. The core "problem" is that the Bay Area has experienced a gold rush unlike any other in human history, and it's happened so quickly that some things can't keep up. Yes, there are regulatory problems that have compounded this, but those problems are just tangential and I doubt fixing them would do a ton to completely alleviate housing affordability.
The problem is that Silicon Valley is awash in money.
The problem is that Silicon Valley is awash in money.